Sports Betting Ban is Over

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Prospect
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Posted:

i see em doing it same as ponies, anything over 500 or whatever. or maybe they keep it like vegas and only track anything over 10k...i agree its a load of garbage either way, no way to deduct losses unless one itemizes which only makes sense if you have over 12k taxable any wann pay hte 50$ for form c or whatever. its the same with stocks...rigged for the rich, so i will continue to skate them...at least we will have a few more yrs of incompitant gov, no way they will catch onto anyone on here; silver lining i suppose.
related curious what will happen with the integrity tax, what the vig will be, how many avg joes will lose their bank acct and ruin lives in the first few yrs...gonna be brutal for many imo
 
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If there is a reporting form limit such as $2,000, there is nothing to prevent a bettor from purchasing multiple small tickets, even knowing that that would provide the book an opportunity to adjust the line.

Getting a half point worse is certainly worth avoiding a big tax bill.
 
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MOST all these states already put forth legislation for legal sports betting

California

A bill introduced in the California Assembly in July 2017 would permit sports gambling in California as long as it was similarly legal nationwide. It’s a toe-hold, which is more than many states have achieved.

Connecticut

Connecticut lawmakers have begun pushing for a legalized sports gambling apparatus within the state. One caveat: the state will have to negotiate with local tribes, which hold exclusive gambling rights in the state at their casinos. The state has in its corner a bill signed by Gov. Dannel Malloy allowing gambling provided it’s deemed legal on the federal level … which it now is.

Delaware

There’s already a structure in place in Delaware allowing for sports betting, but because of PAPSA, gamblers could only bet three-team parlays — for instance, you couldn’t just bet on, say, the Patriots; you’d have to bet on the Patriots, Packers, and Broncos to all win in the same week. Now that PAPSA is no more, the state will surely look to move to single-team bets. In Delaware, gamblers can play at the state’s three casinos or at more than 100 retail locations.

Illinois

Illinois is one of many states which took a proactive look at the Supreme Court’s case and decided to get ready if the tides broke sports gambling’s way. In January of this year, the Illinois Senate introduced the “Sports Betting Consumer Protection Act,” one of two bills designed as a framework for sports gambling in the state, to be updated and codified once the Supreme Court ruled.

Indiana

Indiana lawmakers began the rollout of bills designed to address sports gambling with some real-world tangibility: a 1 percent “integrity fee” for the leagues whose games would be gambled upon, combined with a 9.25 percent state tax on winnings. (You didn’t think this was going to go through without the government getting a taste, did you?)

Iowa

Like many states, Iowa is considering recent legislation that would permit on-site, and possibly online, gambling.

Kansas

A bill now under consideration in the state would permit sports gambling at state-owned casinos and the internet, to be overseen by the Kansas Lottery. Gambling would be restricted to bettors 21 and over, and anyone affiliated in a professional sense with a sports team would not be permitted to gamble.


 
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Mississippi

One of five states to join with New Jersey in its appeal to the Supreme Court, Mississippi stands ready to offer legalized sports gambling at its casinos now that the court has ruled, thanks to legislation passed last summer. The only barrier is how fast operators can get the gaming apparatus up and running. (Interesting side note: state leaders passed the law thinking they were legalizing only fantasy sports betting, but the law, as written, provides for gambling on real-world games as well.)


Missouri

Missouri already has riverboat casinos in place, and this year saw the introduction of legislation that would allow those casinos to expand their offerings to sports gambling.


New Jersey

Given that New Jersey filed the original lawsuit that led to the Supreme Court decision, the Garden State is ready and willing to legally take gamblers’ money at designated casinos and race tracks. Some operators had pledged to be open for business within weeks of the Supreme Court’s ruling; most will likely target the start of the NFL season as their opening date.


 
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New York

While more than a dozen states prepared legislation to account for sports gambling when the Supreme Court ruled, few were as comprehensive as New York, which has drafted legislation governing everything from bettor eligibility to tax provisions, as well as an industry-pleasing “integrity fee” to be paid to sports leagues.

Oklahoma

Like Connecticut, Oklahoma has struck deals with local tribes to permit gambling inside the state’s borders, and like Connecticut, Oklahoma will have to work with those tribes to allow for sports gambling. But with the major hurdle — allowing gambling at all — already cleared, sports betting could be coming to Oklahoma sooner than many states.

Pennsylvania

One of the national leaders in gambling legislation, Pennsylvania has already passed frameworks permitting daily fantasy sports, online poker, and sports gambling. The state is likely to be one of the first after New Jersey to offer legalized sports gambling; Pennsylvania’s proximity to New Jersey surely plays no role whatsoever in the urgency with which it’s acted. The state would tax winnings at a rate of 34.5 percent, which could be a determining factor in how neighboring states set their tax rates.

Rhode Island

Rhode Island is one of many states that prepared bills to legalize sports gambling provided the Supreme Court’s ruling broke the way it did, but in Rhode Island such gambling would only be permitted at two existing casinos.

South Carolina

Legislation currently making its way through the state would permit sports betting under strictly regulated circumstances.

West Virginia

In preparation for the Supreme Court’s ruling, West Virginia passed a law earlier this year permitting sports betting, contingent on federal approval. With that barrier now down, West Virginia can move forward with its plans to offer sports gambling, with a planned tax rate of 10 percent on winnings.

 
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#31 Report User
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Quote Originally Posted by KAYLE163:

Sports gambling legal in Delaware now.


Goes live tomorrow!!  
 
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Thanks for posting that info, Zebra. If California legalizes sports betting, my life is going to become so much easier.
 
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new_laugh_cry

 
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Covers Rehab
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California is dragging its heels on this issue.  According to the L.A. Times, an iniative to legalize sports betting has been proposed for the 2020 ballot.

http://www.latimes.com/politics/essential/la-pol-ca-essential-politics-may-2018-initiative-to-legalize-sports-betting-in-1528767192-htmlstory.html

It still has to gather enough signatures to qualify for the ballot and then be approved by the voters.

Oh, well, maybe by 2021 the Browns will be fighting for the playoffs!


 
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The real question is 

If its all State run and not Federal

Wont certain Lines favor Some teams?

For example

lets say 

Washington vs the Raiders

Vegas Line

Raiders -3

 

in lets say Maryland Virgina and DC

the line is Pick as all the action in those states will be on Washington

 

and in CA the line will be lets say Raiders -5 or 6

Is this a real possibility?

 

And can we set up a real network to exploit it

 
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Quote Originally Posted by mafioso:

The real question is 

If its all State run and not Federal

Wont certain Lines favor Some teams?

For example

lets say 

Washington vs the Raiders

Vegas Line

Raiders -3

 

in lets say Maryland Virgina and DC

the line is Pick as all the action in those states will be on Washington

 

and in CA the line will be lets say Raiders -5 or 6

Is this a real possibility?

 

And can we set up a real network to exploit it


Great thought process. Yes, I think that's how it will look like. Raiders line in Cali will be off-market more often than not.
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